Future -proofing property in a technological era

As people embrace emerging technologies, the Property industry is having to adapt to future-proof products.

“Driverless cars are having a big impact on the way we deliver both commercial and residential properties,” Property Council WA Executive Director Lino Iacomella said.

“For example while we must still deliver car bays, as the current consumer demands, there will come a time when ride sharing and driverless cars are the norm, leaving this valuable space redundant.

“Many providers are looking to future-proof assets, by enabling them to be easily converted when the times comes.

“In Joondalup, Primewest has designed a multi-story carpark with high ceiling levels to ensure the building can be converted to housing or office space, if the demand for parking bays decreases.

“However it is not just the commercial space that is looking ahead.

“Retailers are already embracing change as modern technologies are incorporated into the $5billion of redevelopment happening across Perth.

“Changes in trends are caused by a range of factors including competition from online retailers and Asian migration.

“These shift can also be seen in housing supply.

“As we look to cater to a new range of West Australians, many from Asian and European backgrounds are content with smaller, central dwellings, causing an increase in demand for family-sized apartments and infill development.

“The Property industry must be agile and readily adapt to stay ahead of the curve, embracing new techniques and technologies will drive industry forward and keep WA growing,” Mr Iacomella said.